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Debited all costs incurred to the appropriate account

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Reference no: EM13876753

The Office Mart store in South Beach experienced the following events during the current year:

1. Incurred $400,000 in marketing costs. 

2. Purchased $1,200,000 of merchandise. 

3. Paid $40,000 for transportation in costs.

4. Incurred $400,000 of administrative costs. 

5. Took an inventory at year end and learned that goods costing $200,000 were on hand. This compared with a beginning inventory of $300,000 on January 1. 

6. Determined that sales revenue during the year was $3,000,000. 

7. Debited all costs incurred to the appropriate account and credited to Accounts Payable. All sales were for cash. 

Required :
Give the amounts for the following items in the Merchandise Inventory account:

a. Beginning balance (BB). b. Transfers in (TI). 

c. Ending balance (EB).

d. Transfers out (TO).

Reference no: EM13876753

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